Burgundy Takes 5.67% Passive Position in Hillman Solutions (HLMN)

Rhea-AI Filing Summary

Hillman Solutions Corp. disclosure shows Burgundy Asset Management Ltd. beneficially owns 11,202,558 shares of common stock, representing 5.67% of the class. Burgundy reports sole voting power for 8,275,239 shares and sole dispositive power for all 11,202,558 shares.

The filing is submitted on Schedule 13G and identifies Burgundy as an investment adviser, stating the shares are held in the ordinary course of business and are not held for the purpose of changing or influencing control of the issuer.

Positive

• Burgundy Asset Management disclosed a material beneficial ownership of 11,202,558 shares, equating to 5.67% of Hillman Solutions' common stock
• Reporting person holds sole dispositive power over all reported shares and sole voting power for 8,275,239 shares
• Filing submitted on Schedule 13G and the filer states the position is held in the ordinary course and not to influence control

Negative

• None.

Insights

Financial Analyst

TL;DR Burgundy holds a material passive stake (5.67%) in Hillman, sizable enough to be noticed but filed as passive.

The filing reports a material beneficial holding of 11,202,558 shares (5.67%). Because the report is on Schedule 13G and the filer is identified as an investment adviser, Burgundy explicitly states the position is held in the ordinary course and not to influence control. The split between 8,275,239 shares with sole voting power and full dispositive power over 11,202,558 shares is notable for assessing potential voting influence versus economic exposure.

Corporate Governance Expert

TL;DR Schedule 13G classification and declared passive intent indicate no immediate governance challenge despite a >5% stake.

The report classifies Burgundy as an IA and discloses no shared voting or dispositive power. That combination—material ownership, sole dispositive control, and a passive Schedule 13G filing—means the position must be monitored but does not, per the filing, reflect an intent to alter control or pursue activist actions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Hillman Solutions Corp.

(Name of Issuer)

Common

(Title of Class of Securities)

431636109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 431636109

1

Names of Reporting Persons

Burgundy Asset Management Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,275,239.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,202,558.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,202,558.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.67 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hillman Solutions Corp.
(b)	Address of issuer's principal executive offices: 1280 Kemper Meadow Dr, Cincinnati, OH, 45240
Item 2.
(a)	Name of person filing: Burgundy Asset Management Ltd.
(b)	Address or principal business office or, if none, residence: 181 Bay Street, Suite 4510, Toronto, ON, M5J 2T3
(c)	Citizenship: Canada
(d)	Title of class of securities: Common
(e)	CUSIP No.: 431636109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 11,202,558
(b)	Percent of class: 5.67 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8,275,239
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 11,202,558
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Clients for whom Burgundy Asset Management Ltd. acts as investment adviser may withdraw dividends or the proceeds from the sale of securities from the accounts managed by Burgundy Asset Management Ltd. No one client's interest in the common stock of Hillman Solutions Corp. is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Burgundy Asset Management Ltd.

Signature:	/s/ Karen Mintz
Name/Title:	Karen Mintz, VP, CCO & Associate General Counsel
Date:	08/12/2025

FAQ

How many Hillman Solutions (HLMN) shares does Burgundy Asset Management beneficially own?

The filing reports 11,202,558 shares beneficially owned by Burgundy Asset Management Ltd.

What percentage of HLMN does Burgundy own?

Burgundy's holding represents 5.67% of Hillman Solutions' common stock as reported.

Does Burgundy have voting power over its Hillman shares?

Yes. The filing reports sole voting power for 8,275,239 shares and no shared voting power.

What type of SEC filing was made for this Hillman position?

The position was disclosed on a Schedule 13G, which is typically used for passive investors.

Does Burgundy claim intent to influence control of Hillman (HLMN)?

The filing states the securities are held in the ordinary course of business and were not acquired to change or influence control.